Morningstar, Inc.

Pricing power is solid across data and software, improving in credit and indexes, and still building in wealth-related tools. In Q2 2025, Direct Platform revenue grew despite only a small license increase, implying effective pricing and mix; PitchBook’s user base expanded while margins stayed >30%.

Index licensing tied to AUM should benefit from CRSP scale, though fee pressure is a watch item with large clients. Credit shows attractive economics with mid-30s adjusted margins.

Overall, Morningstar can pass through inflation and charge for incremental datasets and analytics, but pockets of price sensitivity among US asset managers and continued normalization in sustainability products limit a higher score.